Investcorp buys Florida’s Southland Mall

Property located in Miami suburb

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Investcorp has purchased Southland Mall, a 986,514-square-foot retail project based in Cutler Bay, Fla., for an undisclosed amount. Situated on a 76-acre site at the intersection of South Dixie Highway and the Florida Turnpike, Southland Mall encompasses an enclosed mall totaling 832,073 square feet and an adjacent exterior space and outparcels totaling 154,441 square feet. Of the total, Investcorp owns 622,467 square feet, with the balance consisting of retailer-owned Macy's and Sears department stores that operate on-site under a reciprocal easement agreement. Originally developed in 1972 and redeveloped in 1993, the property is currently in the final stages of a major redevelopment that includes an extensive interior remodeling and the leasing of space to new anchors and national in-line tenants. This redevelopment process is scheduled for completion by mid-2007. The property was 93.6 percent occupied by more than 80 tenants at the time of sale. In addition to the retailer-owned M...